Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-06-17
THE WHEAT SQUEEZE
TIE CONDITION OF AFFAIRS IN CHI
CAGo YESTERDAY.
Kershaw & Co.'S Announeement-Ev Every.
thing Depending on Them-Ths
Scenes in the Pit Failures.
by telegraph % the DisnatchI

CHICAGO, June lG.-A notice was posted
M In the window Of kcrshaw & 60. : Of
nee this morning stating that the firm eX-
pected TO pay all differences to-day. When
the market opened at $3.50 O'Clock the first
sales were at lie. for June and zee. for
July. The latter then sold down 10 Use,
but quickly went up 10 73,c., and at 1888
A.. NJ. was 73c. The failures Of yesterday
number 1fieeD. They were n follows,
with an estimate Of liabilities: Crosby q
Co., S16, go; II. X. Matthews. 100000; j.
a. Edwards & Co.. $50 900; VI. u. Crafts
* Co.. $1,000; y. j. McCleary n Co., S2J.-
Geo; Pickering d CO., $4,000; :. ID. r.
criGge & Co., $4,000; Gregg. son & Co.,
$4,000 llord Brothers q Co.. $4,000:
Hubbard x Co., $4,000; NJ. :. Robinson n
90, $500; loust Il Brcary, $1,000; :. G..
Orr n Co.. S5,000-tOtal, 1861, 900. In
c.udlng fGc failure. OF The dav beiorc-M.
B0,cIfCld x Co., IIamill Il BrIen, aud L.
y. Bailey Il C0.-tbere Is a total OF nine
teen. Win aggregate liabilities apprOXi-
mating $1,000. geo.
Some Of The failures were caused by The
Inability Of parties 10 reach their outside
CuStOmci., while Others were caused by the
frilure Of Eosonield & CO. and the su,-
rcDsioD Ci payments by Kershiw q co. It
- said that in a majority OF cases the en-.
l1YraSsCd firm, will come out all right az
soon as ih,ir trades can be settled. and that
~ one or ;Wo instances the DO Ks Will &C.
;ualv show profits. In addition 10 those
wnosc failure was brought about by either
ID; the causes given, there are some who
were in the ucli on their O~n responsible
inv. and simply got caught where they
could not help lhem,elycs. The following
notice is IA ktr,haW's window. II Is
written in Mr.. kcr,haw's handwriting:
=. Nothing can be decided until II O'Clock.
We are promised by that tire positive
knowledge whether remit'ancCS are on the
ny, which we are led to believe VIII
come"
The exciting scenes Of Yesterday and the
day before were not witnessed at the OPEN
~ Of the Board OF Trade this morning.
he few people who had gathered in the
galleries before the opening tired OF the
calm wh'ch prevailed and departed. Il
was given out that Kershlw would an
roUuCc 81 II o'clock whether he would be
able to meet the CLAIMS against him or not.
!, was generally conceded that everything
defended on herShIw's action. Some meme
tiers were OF the opinion that he would
gull through all right, but the majority
wore very OOubl(ul on the subject. Scarce
~ any trading was done, aud prices
we're barely fuctuating at slight fractions.
here ale rumOTS OF impending failures,
hut everything awaited the announcement
10 be made by kershaw at ] O'Clock. In
The mean time business i practically at a
,tand,til. July wheat opened at 13c.. and
has iluciuatcd between that figure and
72ic.
The appearance which the wheat pit pre-
scnttd at II O'Clock was ludicrous aS com.
Jared with the intensity which has pre-
vailed during the past few days. 4 few
members. dealers In a small way, took pos
,cssiOn Of the pit and shouted themselves
hoGrso i'm their efforts 10 buy or sell thou
.and or two bushels Of wheat. No one
,cCmCO 10 clre 10 transact any business.
An was li>ilc,s cypectan. y. The m1re
prominent dealers were strolIing about the
tall or were sitting in the cool windo " Re-
ce,scs go>Siping about the situation.
MORE FAILUREs-EXPLANATION
CHICAGO. June 1G.-.ju>t ut the close Of
The morning session John j. Bryant y Co.
announced that they desired all their trades
10 be closed. This is heavy failure. in
yolyng as much aS that Of p. j. McClclry
Yesterday. No exact estimate OF the la
billics can be given, but it is thought they
will omount to Slj0,O0O. T. Z. Bclding
Co.. who suspended yesterday and then an
nouncod Their sOlyency again, requested
that their trades be closed ont. Al the
close, although nothing definite had been
heard from korsbaw. the feeling OF conn.
dCnce became general, and the members at
orce began trading moderately, and prices
became frmcT. july wheat advanced
slightly. closing al 73{c., and June at 1l3c.
\ special from Minneapolis say, Grit
Gth, Marshall x Co., grain brokers, have
,u>rendCd. oWine 10 their close bushes,
I - 4
The facts i'm regard 10 the deposit Of money
Tor kershaV a Co. Yesterday al the Amer
! lean Exchange Bank, on which he founded
ll- promise to pay IN full, are made public
! IN a stmi-ofliClal way. II seems that VIII
| shine did dep0-it %G'00)J TO the credit OF
Kcl.haw * Co. We, crdly morning. When
! {. j. kcr-b1W laU there At $ O'Clock,
| after an l0ur'~ cor >utaiiOU with Wit
! SHIRE. President Irwin, Cashier HONt, 0f the
| t9Dh. De War Eeglrt0n. end several OF
| Irr director, oi The nanN, there Wa nearly
| gSCO.C on deposit, subject, - be sup
! uo,Cd. to A.. check II hurried down e.
| tie office OF AimOuT a. Co and there told
| L. ID. Arm0ur %; hrs position and hi, abb
! ltN 10 stand up 10 everything down ID 'Oc.
/ TWAS not until 1918 o clock, when he went
J INTO ATWour'> Office acl'u, thai he Wi'
| ted That hi, checks were being ihrGWn our
! ~ the American Exchange Bank Vie
] tr0uhlr WAS that Immediately after Her
| shaw lfftihc American EXchlngc BlnN,Ind
! when Ni't.h,rc produced yGOU,0O1 10 gO,a-
| hc,uppo. cG, totLccrcditoi Ker-hIw, Irwin.
| Green a. co. demanded han Of II. Pfesl-
! dent Irwin j. senior partner in thl- house,
! and had mi, advantage. that ne cnuld
credit money o. be was di>po,'dio. when
! Ecr,laW'. cheek Tor S2ul.tO) from t1e
! clearing. p0u.c went down for ccui'a'ion
! il wa, thrown ont. some big cheek, mad,
however. cone through ll right before;
| qmono fh,m were checks t0 sch KART,
| Buuroc * Co.. =. Is. Weave N Co., ant
| few other. Gggrcgl ing, pcrhap~, %lJp,-
! Geo: % that Kcr,htN'> promise, were
made i'm good faith. Ii il had not
! lappened that tie president OF the htnb
| was also IN applicant for more margin
| Ecr.bqw checks would have been cert ned.
| The cleIk'. Offices in the cOurt-hOu,c had
| hardly opened to-day before ATTORNEYS ior
| The sul,liu@ BO3rd-Of-1radc spectators
| began cr)Wdus i'm with aiiidayitS for Al
| tachmCn., on which 10 bayc service o.
| carui.hea secured. Among the lir,t to APP
| ucar Wq> Attorney Riddle, whose case
| regd.: Joseph W. Wiltshire ana
| Howard Eckcrl, doing business -
| Wiltshire. Ecktrt & CO., against Mlu'
| Titt HffrtNitil tii iAhN '''''"-'"
| dong brsinc.s as Maurice, R0,enfeld y
| co.: tr,spis-i on case on promises OF
| S2CCO.C0G." The complainants a,,crt that
| they were sold out without authority and
| without Giving them an opportunity to pui
| ND margins. They further claim tina the
| funds furnished the Grm were not used ac-
| cording to instructions, and that II they
| had been so used the firm need not have
| failed and the market would not have been
| depressed. II i also claimed that the de-
! Pendants owe Kershaw & Co. $4,000, and
| also that they are liable to repay all money
! advanced rs margins.
Victor y. Msciarlane commenced SUIT
against Il. j. McClcsry for $4,000 and
secured m attachment ~ aid to protect
him, and 3. j. McCleary co. confessed
Judgment on q note given yesterday to
| wilson & Boyd for $4,000. Thi' Is The
first piece Of preferred paper during The
| panic Wbich has vet appeared IN court.
| Ro>enfeld yesterday hogan suit against
| wiltshire. Eckdt d Co. for Sl.OOo,OOo
| margin, claimed TO be in default. \ report
| that Roseufcd bad begun suit against
| Kcrshaw is mistake, and he has not gar
| ID ~ hopE account